AMENDMENT NUMBER 4 TO THE
TRANSFER AGENCY AND SERVICES AGREEMENT
THIS AMENDMENT, dated as of the 1st day of March, 1999 is made to the
Transfer Agency and Services Agreement dated July 3, 1998 as amended (the
"Agreement") between AETNA SERIES FUND, INC. (the "Fund") and FIRST DATA
INVESTOR SERVICES GROUP, INC. (the "Investor Services Group").
WITNESSETH
WHEREAS, the Fund and Investor Services group desire to amend the
Agreement, as previously amended, to reflect certain changes thereto.
NOW THEREFORE, in consideration of the mutual covenants contained
herein, the parties agree that as of the date first referenced above, the
Agreement shall be amended as follows:
1. Schedule A - Duties of Investor Services Group is hereby amended by adding
the following new Section 9:
"9. Cash Management Services.
(a) Investor Services Group shall establish demand deposit accounts
(DDA's) with a cash management provider to facilitate the receipt of purchase
payments and the processing of other Shareholder-related transactions. Investor
Services Group shall retain any excess balance credits earned with respect to
the amounts in such DDA's ("Balance Credits") after such Balance Credits are
first used to offset any banking service fees charged in connection with banking
services provided on behalf of the Fund. Balance Credits will be calculated and
applied toward the Fund's banking service charges regardless of the withdrawal
of DDA balances described in Section (b) below.
(b) DDA balances which cannot be forwarded on the day of receipt may
be withdrawn on a daily basis and invested in U.S. Treasury and Federal Agency
obligations, money market mutual funds, repurchase agreements, money market
preferred securities (rated A or better), commercial paper (rated Al or P1),
corporate notes/bonds (rated A or better) and/or Eurodollar time deposits
(issued by banks rated A or better). Investor Services Group bears the risk of
loss on any such investment and shall retain any earnings generated thereby.
Other similarly rated investment vehicles may be used, provided however,
Investor Services Group shall first notify the Fund of any such change."
3. Schedule B - FEE SCHEDULE is hereby deleted in its entirety and replaced
with the revised Schedule B attached hereto.
4. Schedule C - OUT-OF-POCKET EXPENSES is hereby deleted in its entirety and
replaced with the revised Schedule B attached hereto.
The Agreement, as previously amended and as amended by this Amendment,
("Modified Agreement") constitutes the entire agreement between the parties with
respect to the subject matter hereof. The Modified Agreement supersedes all
prior and contemporaneous agreements between the parties in connection with the
subject matter hereof. No officer, employee, servant or other agent of either
party is authorized to make any representation, warranty, or other promises not
expressly contained herein with respect to the subject matter hereof.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers, as of the day and year first above
written.
AETNA SERIES FUND, INC.
By: /s/ Xxxxx Xxxxxx
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Title: Managing Director
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FIRST DATA INVESTOR SERVICES
GROUP, INC.
By: /s/ Jylanne X. Xxxxx
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Title: Senior Vice President
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SCHEDULE B
FEE SCHEDULE
1. Standard Fees:
(a) Per Account Fees:$25,000 annual minimum per Portfolio (includes up to
4 classes of shares per Portfolio*-excludes (Brokerage
Cash Reserves)
$20 per open account per annum (money market)
$16 per open account per annum (equity, bond)
$2.50 per closed account per annum
*The annual minimum per Portfolio fee shall increase on a
Portfolio by Portfolio basis in the event the Fund
establishes more than four classes of shares in a Portfolio.
Such increase shall be mutually agreed upon by the parties.
The Per Account Fees set forth in this Section 1(a) shall remain
in effect for the duration of the Initial Term.
(b) Brokerage Cash Reserves: $2,600 annual flat fee
(c) Cost Basis Accounting: $0.15 per month per eligible account
(d) VRU: $0.23 per minute
$0.10 per call
Program development costs not to
exceed $20,000.
2. Programming Costs
(a) Dedicated Team:
Programmer $100,000 per annum
BSA $ 85,000 per annum
Tester $ 65,000 per annum
(b) System Enhancements (Non Dedicated Team):
Programmer $150.00 per hour
3. Print/Mail Fees.
Program development costs not to exceed $ 5000.00
Monthly Processing Charge per complex: $1650.00 per month
Daily/periodic confirms/statements:
Print: $.065 per image
(includes plain paper)
Fold/Insert 1/seal/meter: $.02 each
Each additional insert: $.015 each
Checks:
Print/fold/insert/seal/meter: $.25 each
Presort Charge: $0.277 postage rate
$0.035 per piece
Inventory Storage: $20.00 for each inventory
location as of the
15th of the month
Special Pulls: $2.50 per account pull at
Aetna's request.
Forms Development/Programming Fee: $135/hr
Postage, printed stock and envelopes will be billed in addition to the
above mentioned at actual cost
4. Miscellaneous.
. Ad hoc reports/SQL computer time (Prior Fund Approval Required -
Fee shall be based on system enhancement/non-dedicated team
charge set forth above)
. Banking Services
Schedule C
OUT-OF-POCKET EXPENSES
The Fund shall reimburse Investor Services Group monthly for the
following applicable out-of-pocket expenses:
Standard (No Prior Fund Approval Required):
. Postage (bulk, pre-sort, ZIP+4, barcoding, first class) direct pass through
to the Fund
. Telephone and telecommunication costs, including all lease, maintenance and
line costs
. Shipping, Certified and Overnight mail and insurance
. Record retention, retrieval and destruction costs, including, but not
limited to exit fees charged by third party record keeping vendors
. Third party audit reviews
. NSCC/FundServe Transaction charges
. NSCC same day confirm charges
Non-Standard (Prior Fund Approval Required):
. Proxy solicitations, mailings and tabulations, upon prior Fund approval
. Terminals, communication lines, printers and other equipment and any
expenses incurred in connection with such terminals and lines, upon prior
Fund approval
. Courier services
. Overtime
. Temporary staff
. Travel and entertainment
. Magnetic media tapes and freight
. Such other miscellaneous expenses reasonably incurred by Investor Services
Group in response to specific requests by the Fund in performing its duties
and responsibilities under this Agreement.
The Fund will promptly reimburse Investor Services Group for any other
unscheduled expenses incurred by Investor Services Group whenever the Fund and
Investor Services Group mutually agree that such expenses are not otherwise
properly borne by Investor Services Group as part of its duties and obligations
under the Agreement.
Exhibit I
LIST OF PORTFOLIOS
Revised as of August 1, 1999
Aetna Money Market Fund
Aetna Government Fund
Aetna Bond Fund
Aetna High Yield Fund
Aetna Balanced Fund
Aetna Growth and Income Fund
Aetna Real Estate Securities Fund
Aetna Value Opportunity Fund
Aetna Growth Fund
Aetna Mid Cap Fund
Aetna Small Company Fund
Aetna International Fund
Aetna Index Plus Large Cap Fund
Aetna Index Plus Mid Cap Fund
Aetna Index Plus Small Cap Fund
Aetna Index Plus Bond Fund
Aetna Ascent Fund
Aetna Crossroads Fund
Aetna Legacy Fund
Aetna Principal Protection Fund I
Brokerage Cash Reserves
Aetna Series Fund, Inc. First Data Investor Services Group, Inc.
By: /s/ Xxxxx Xxxxxx By: /s/ Jylanne X. Xxxxx
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Title: Managing Director Title: Senior Vice President
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